The Following Are the Ending Month's Balances for Toys Galore

question 7

Multiple Choice

The following are the ending month's balances for Toys Galore. $\begin{array} { | l | r | } \hline \text { Accounts payable } & \$ 6,790 \\\hline \text { Revenue } & 8,680 \\\hline \text { Cash } & 4,500 \\\hline \text { Expenses } & 1,050 \\\hline \text { Furniture } & 8,370 \\\hline \text { Accounts receivable } & 7,710 \\\hline \text { Capital } & 930 \\\hline \text { Notes payable } & 5,230 \\\hline\end{array}$ What is the total amount of credits for the trial balance?

• A)$21,630
• B)$16,400
• C)$20,580
• D)$30,310

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Definitions:

Budgeted Balance Sheet

A projected financial statement showing the expected financial position of a company at a future date, taking into account its assets, liabilities, and equity.

Retained Earnings

Retained earnings are the portion of a company's profits not distributed as dividends to shareholders but reinvested in the business or kept as reserve.

Budgeted Income Statement

A financial report that projects income, expenses, and net income for a future period based on management's expectations.

Budgeted Sales

Projected sales amounts estimated for a future period, often used for planning and strategy purposes.